IHSG Movement Projection Post-Imlek Holidays

The Indonesian Composite Stock Index (IHSG) is expected to consolidate on the first trading day after the long Chinese New Year holiday. On Monday, the IHSG fell by 53.08 points or 0.64% to 8,212.27 at the Indonesia Stock Exchange (BEI). Despite this, on a weekly basis, the IHSG posted an increase of 3.49%. One factor that contributed to the recent IHSG growth was the swift actions taken by the Financial Services Authority (OJK) and BEI in response to changes in the MSCI index. These include an increase in free float and greater transparency. Ilham Fitriadi Budiarto, a Technical Analyst at RHB Sekuritas Indonesia, predicts that the IHSG movement on Wednesday will trend towards consolidation due to its proximity to significant moments such as the Chinese New Year and Ramadan. The IHSG is expected to find support at 8,122 and face resistance at 8,409. In the long term, due to fundamental changes and key events such as the announcement of Indonesian central bank rates, further fluctuations in the IHSG are anticipated.